AUSTRAC updates its regulatory expectations ahead of the March 2026 AML/CTF reforms, warning businesses to maintain strong systems to manage ML/TF/PF risks or face strict penalties

Entities must maintain programs focused on risk identification and mitigation, including suspicious matter reporting and due diligence. If businesses cannot fully meet new obligations by March 2026, they must prepare documented implementation plans outlining how they will manage ML/TF risks during the transition, including timelines, risk gaps and mitigation measures. Implementation plans should be endorsed by senior management and boards, ensuring corporate governance accountability for financial crime controls…